-Over the past 10 years, the relative price of petrol has ________. As a result, ________.
A) not changed; the relative prices of other goods have fallen
B) increased; the consumption possibilities for petrol have increased
C) decreased; the relative prices of other goods have increased
D) decreased; consumers have had an incentive to buy more petrol
E) increased; consumers have found substitutes for petrol and bought less petrol

Question

-Over the past 10 years, the relative price of petrol has ________. As a result, ________.
A) not changed; the relative prices of other goods have fallen 
B) increased; the consumption possibilities for petrol have increased 
C) decreased; the relative prices of other goods have increased 
D) decreased; consumers have had an incentive to buy more petrol 
E) increased; consumers have found substitutes for petrol and bought less petrol

Quizplus · Accepted Answer

The relative price increase of petrol over time typically leads consumers to seek alternatives or substitutes, leading to a decrease in petrol consumption as they adjust their buying habits to manage costs.

-Over the Past 10 Years, the Relative Price of Petrol